Let's say your old loan has $95,000 remaining.
Your new loan is $105,000
I am ignoring loan costs, interest prepays, escrow, etc.
You would create a transaction:
Loan Payout Old Loan Debit $95000
New Loan Credit $105000
Cash Debit $10000
I.e., you will Increase cash $10k, and then pay off the old loan and take
out the new loan.
-derek
On Sun, March 21, 2021 9:41 am, Parker Graham wrote:
> not following, please give me example such as original loan is
> 100,000.00 refi loan is 105,000.00
>
> thanks
>
> On 3/21/21 9:36 AM, py...@cox.net wrote:
>> Several ways to do this. Here is the easiest way I know:
>>
>> Mortgage Loan (start loan B) Increase - Loan Amount
>> Mortgage Loan (start loan B) Decrease -Principal Amount
>> remaining
>> from Loan A
>>
>> Net result - New loan amount before first payment. Now the two entries
>> are
>> actually the net result of a split transaction entry that comes right
>> from
>> the closing statement received from the mortgage company. If you follow
>> that statement - you should be good to go.
>>
>> Hope that helps.
>>
>>
>> -----Original Message-----
>> From: gnucash-user <gnucash-user-bounces+pyz01=cox....@gnucash.org> On
>> Behalf Of Parker Graham
>> Sent: Sunday, March 21, 2021 6:25 AM
>> To: gnucash-user@gnucash.org
>> Subject: [GNC] mortgage refinance
>>
>> Have mortgage set up in system but refinanced it and need help on how to
>> payoff existing loan and set up new loan
>>
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--
Derek Atkins 617-623-3745
de...@ihtfp.com www.ihtfp.com
Computer and Internet Security Consultant
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